Status on Licence Optimization

 
Following the appointment of investment Bank Lehman Brothers  as announced in the Stock Exchange Notice on 6th  February, the Board of DNO have been conducting a strategic review of the Company with a view to optimizing the Company's License portfolio and maximizing shareholders values.
 
The results of this work are now nearing completion. A number of parties have indicated a potential interest in purchasing one or more assets. The price indications  as of 01.01.2003 for DNO's Northern Europe Licenses (Ireland, UK and Norway) are in the range NOK 1,4 billion to NOK 1,6 billion.
 
In addition, DNO is also considering issuing a USD 150 - 200 million high yield bond loan in the USA. If such  loan is concluded there will be limitations as to what could potentially be sold.
 
The Board is continuing to work on analyzing these options in conjunction with its advisers, Lehman Brothers, and expects to be able to announce a conclusion within the coming months.